LME Steel Billet Price Jumps More Than 10%

On Oct. 29, 2012, the day’s biggest mover on MetalMiner’s steel price index was the 3-month price of steel billet, which saw an 10.8 percent increase on the LME to $350.00 per metric ton. At $340.00, the LME steel billet cash price finished the market day on the LME up 8.3 percent.

Chinese steel and raw material input prices were flat for the day.

The high price of iron ore 58% fines from India lowered a bit, but remained range-bound in general. Chinese HRC stayed flat. For the fifth day in a row, the price of Chinese coking coal remained essentially flat as well.

The US HRC futures contract 3-month price held steady at $650.00 per short ton. The US HRC futures contract spot price saw little movement on Monday at $591.00 per short ton.

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